Update: Sources tell CNBC that AOL paid $40 million. We're guessing the $25 million figure is cash and the rest is an earnout.

Earlier: AOL has told insiders that the company is only paying $25 million for TechCrunch, a second-hand source tells us.

Another source close to AOL thinks the price is "on the lower side vs. what some have said," which would be consistent with $25 million.

If true, this would be a surprisingly low figure. TechCrunch boss Michael Arrington recently pegged the company's revenue at "nearly $10 million," and $25 million would only be 2.5X this number (versus 6X for a recent public-market buyout for Internet Brands).

It's possible that the $25 million is just an initial payment and that the price could include earn-outs for performance and retention.

(If we were negotiating this deal for AOL, we'd certainly have included an earnout, as the company's value could quickly disintegrate without it).